The latest research from The Bank of England has revealed that 74% of financial institutions declared that a cyberattack was amongst the top risks they thought would have the greatest impact on the UK financial system if they were to materialize.
Its H2 Systemic Risk Survey looks to understand the stability of the UK financial system by surveying market participants’ areas of concern and confidence. The Bank of England states that participants include ‘UK banks and building societies, large foreign banks, asset managers, hedge funds, insurers, pension funds, large non-financial companies and central counterparties.’ According to those surveyed, a cyberattack is the joint second risk to financial organizations and was the second most frequently cited when participants were asked which risks would be most challenging to manage as a firm, at 56%. ...read more!
